Page 19 - Bisiness Studies

Chapter Two

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Entrepreneurship

Introduction

The economic and social challenges facing countries have prompted a need to
stimulate entrepreneurial activities. As a result, entrepreneurship has become
one of the sources of business, innovation, social change, and investments
which stimulate the economic growth of countries. In this chapter, you will
learn about the concepts of entrepreneurship and theories of entrepreneurship.
The competencies developed will enable you to demonstrate entrepreneurial
skills and hence become an entrepreneur.

Think
Any business which you can establish in your community.

The concept of entrepreneurship

Activity 2.1

Think and list daily business activities taking place in your area. Then, identify any
business that have not yet been established in that area.

The business activities listed in Activity 2.1 are the results of different business
opportunities identifi ed in the local area by business persons. Those people have applied
entrepreneurial skills to set up their businesses. Thus, the whole process of starting and
running a business involves entrepreneurship.

Meaning of entrepreneurship
Entrepreneurship is the process of taking risks to initiate, organise and control factors of
production such as land, labour, and capital to start and manage a business. It involves
the process whereby individuals become aware of the existing business opportunities in

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